Saudi Arabia may join BRICS bank – FT
Saudi Arabia may join BRICS bank – FT The New Development Bank (NDB) of the BRICS group of major emerging economies is currently in talks with Saudi Arabia on admitting the kingdom as its tenth member, the Financial Times reported on Sunday. The move is expected to cement ties between the Shanghai-based lender, established by BRICS (Brazil, Russia, India, China, and South Africa) back in 2014, with the world’s second biggest producer of oil. “In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualified dialogue with them,” the NDB said in a statement seen by FT. Launched with the purpose of financing infrastructure and sustainable development in member states and other emerging economies, the NDB has expanded its membership to include Bangladesh, the United Arab Emirates, Uruguay and Egypt. It has lent $33 billion to more than 96 projects in the five founding member nations. The multinational financial institution is prepar...